2020, the year that the vast majority will remember as the nightmare year. From insane politics to an even crazier virus and repercussions that affected everyone across the entire world. Every business owner and entrepreneur at the moment is thinking about 2021. So I’d love to give you some good business advice for 2021.
But now, going towards 2021, what should we be expecting?
Business Owners Need To Prepare Now For 2021
You can no longer wait until January to start your plans. Your business plan should be written up and started on before the new year begins. Speed is going to be critical for success.
The virus won’t be gone on the morning of January first. Keeping this in mind, you need to be prepared for more lockdowns. You need to be adapting to this new world… the post-virus world. How can your business survive with lockdowns? How could you continue to grow and expand? Where will your new customers come from? Is your business Covid safe? All of these questions are critical for success moving forwards.
Most businesses now having tremendous success are in businesses such as food, medical supplies, online eCommerce, and other recession-proof and virus-proof businesses. These are the types of business you should look at now moving forwards.
Taking Investment Risks
You could also try something riskier. Perhaps there is no better time to be buying real estate. With the market as damaged as it is currently hotels are much cheaper to buy than before COVID. Giving you the ability to catch hotel investments at a much better price. Once the virus is gone, if travel returns to normal, the hotel price could skyrocket, holiday guests could be renting like normal again and it could leave you in an incredible position. This is, of course, risky but it could be lucrative for people in a position to do.
No matter your business, you must now be hyper-aware of the moving dynamics of the market. Recessions and viruses must now be something you keep in mind when starting a business or making investments. You must be growing your business rapidly and marketing aggressively to ensure you capture your market. With the rate of businesses closing, you can no longer afford to be in second position. You need to be first.